Gasoline averages 1,857.6 won per liter in first week of October

Domestic gasoline prices edged down into the 1,850-won-per-liter range this week, even as international crude prices stayed elevated amid geopolitical risks in the Middle East.

The national average gasoline price fell 0.4 won per liter from the previous week to 1,857.6 won during the first week of October (Sunday through Thursday), according to Yonhap.

Seoul recorded the highest regional price, slipping 0.2 won from the prior week to 1,904.0 won per liter, while Daegu posted the lowest at 1,829.8 won, down 0.3 won.

Among fuel brands, GS Caltex stations were the most expensive at 1,861.0 won per liter, while budget stations were the cheapest at 1,845.7 won.

The national average diesel price fell 0.1 won from the previous week to 1,843.3 won per liter.

International crude prices closed slightly higher this week, as concerns over potential supply disruptions — stemming from the possibility of a large-scale US military operation against Iran and an expansion of oil tanker attacks in the Middle East — outweighed an increase in crude exports from the region.

Dubai crude, the benchmark for South Korea's oil imports, rose $0.20 per barrel from the previous week to $108.00.

International gasoline prices climbed $3.10 to $147.40 per barrel, while international automotive diesel fell $4.20 to $170.10 per barrel.

Changes in international oil prices are typically reflected in domestic gas station prices with a lag of about two to three weeks.

The government has maintained a petroleum price cap to minimize the impact of international oil price swings on domestic consumers. On Sept. 18, it set the 10th petroleum price cap at the same level as the ninth, with ceilings of 1,784 won per liter for gasoline, 1,773 won for diesel and 1,380 won for kerosene.